cnbc's senior correspondent scott cohen joins me now. good evening. >> good evening, larry. it is a big problem. enough so now that lentders and credit rating agencies are starting to look at the potential impact on a whole generation of borrowers. the ones who are supposed to have spending power and the early signs aren't good. a new study from transunion. average debt more than $23,000. up 30% in the past five years. more than half of all student loans now in deferral including payments deferred while the borrower is in school but also borrowers who get deferrals for financial hardship. delinquencies are up from five years ago. more than twice the delinquency rate for mortgages and more than ten time it is rate for credit cards. the problem isn't the level of student debt only. it's a that the job market is the worst in more than a decade for new grads. 50% unemployed or underemployed. >> that's a brutal report. my only thought listening to you and the numbers, are we headed for bailout nation? is this a taxpayer bailout? >> it looks bad. if you compare it to the housing m